Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.575%

Price spread now: KuCoin against Injective−3.634%7-day average +0.942% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+3.419%+$342 on $10k

Price spread, last 3 days (all we have)+4.459%+$446 · spread now −3.634%, 7d avg +0.942%

Together, before fees+7.878%+$788 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 4.576% cheaper against Injective than usual: you would sell low and buy high (spread −3.634% now, against its 7-day average of +0.942%). If the spread goes back, that is −$458 on $10k: about 8 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+3.419% in total) that is about 9.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective ONDO/USDC PERP	0.4568	0.0033	pay 0.0004% / 1h	38m 50s	$888	$216K	5.5x
Short	KuCoin ONDOUSDTM	0.4402	0.0100	get 0.0050% / 4h	2h 38m	$13.1M	$11.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee InjectivebpFee KuCoinbpOrdersPrice spread, now −3.634%Rate

Funding earned: $14
Price spread: −3.634% → +0.942%: −$457.6
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$455.62
Costs to cover: 0.120%
Break-even: 234.8 days

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 5 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Injective no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 5 min ago	1.13 bp	18.3 bp −$18	39.4 bp −$394	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ONDO on 39 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_ONDOUSD	−0.0363%	1h	0.4400	−3.675%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USD	0.0000%	1h	0.4396	−3.763%	$249K	$130K	5x	as long as short
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0007%	1h	0.4409	−3.480%	$7K	—	150x	as long as short
Injective ONDO/USDC PERPlong	+0.0033%	1h	0.4568	long leg	$888	$216K	5.5x
Nado ONDO-PERP	+0.0100%	1h	0.4410	−3.448%	$392K	$848K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4401	−3.659%	$685K	$2.2M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4403	−3.612%	$64.2M	$231.5M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4402	−3.634%	$70.0M	$125.4M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4402	−3.634%	$17.1M	$76.0M	50x	as long as short
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4395	−3.781%	$72K	$89K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ONDO/USDC	+0.0100%	1h	0.4393	−3.829%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4400	−3.678%	$11.6M	$16.2M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4401	−3.656%	$43.3M	$42.6M	200x	as long as short
KuCoin ONDOUSDTMshort	+0.0100%	4h	0.4402	−3.634%	$13.1M	$11.2M	50x
Bitget ONDOUSDT	+0.0100%	4h	0.4402	−3.634%	$25.0M	$40.5M	50x	as long as short
BingX ONDO-USDC	+0.0100%	4h	0.4403	−3.612%	—	$762K	—	as long as short
Backpack ONDO_USDC_PERP	+0.0100%	1h	0.4403	−3.614%	$198K	$1.0M	15x	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4401	−3.660%	$782K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4437	−2.867%	$5K	$318K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4402	−3.634%	$406K	$962K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4434	−2.933%	$164K	$356K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4408	−3.498%	$93K	$1.4M	10x	as long as short
Orderly PERP_ONDO_USDC	+0.0100%	4h	0.4408	−3.503%	$24K	$6K	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4408	−3.503%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4400	−3.678%	$457	$14K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4418	−3.284%	$128K	$514K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4396	−3.756%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4402	−3.641%	$398K	$822K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4410	−3.459%	$38K	$13K	3x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0204%	1h	0.4410	−3.459%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0246%	1h	0.4405	−3.579%	$38.9M	$25.4M	10x	as long as short
01 Exchange ONDOUSD	+0.0328%	1h	0.4397	−3.743%	$362	$2K	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4401	−3.656%	$282K	$788K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4425	−3.122%	$35K	$231K	10x	as long as short
BloFin ONDO-USDT	+0.0340%	4h	0.4471	−2.123%	$3.2M	$3.0M	75x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4408	−3.495%	$485K	—	100x	as long as short
Lighter ONDO	+0.0760%	1h	0.4409	−3.485%	$1.4M	$2.1M	10x	as long as short
Phemex ONDOUSDT	+0.0972%	4h	0.4399	−3.700%	$4.2M	$7.3M	50x	as long as short
Reya ONDORUSDPERP	+0.1147%	1h	0.4412	−3.409%	$2K	—	20x	as long as short